The Bitcoin (BTC) halving was executed successfully. The milepost created a lot of excitement inside the industry with events organized around it, including a long discussion program.
A small online reception was held in Japan, providing a great opportunity for related parties, who are usually too busy to get together, to see each other.
Because the date of the halving was decided in advance, and it had already been factored into the price, BTC price movements appeared to be stable, with the exception of speculative selling a few hours before the halving.
Concerns over a mass exit of miners have not yet materialized. It had been pointed out that a large number of miners would not break even in terms of profitability and a sharp fall in the hash rate could cause a major network delay until the next difficulty adjustment occurs. Surprisingly, however, the actual hash rate has been increasing instead. Despite the current situation, new players are entering the market. According to an estimate by BTC.com, they are projected to be approximately +3.38% by the time the difficulty adjustment takes place in five days. Many miners are likely to have adjusted prior to the halving and have adapted already.
Consequently, BTC fundamentals are extremely strong. It is no exaggeration to say the fundamentals are rock solid.
Having checking these fundamentals, I project a scenario with a bull market starting within six months to one year after the halving. There is no doubt that BTC has absolutely passed the first step in achieving the scenario.
This comment was written by FISCO guest analyst Tetsuyuki Oishi (CEO of Bitcoin Lab; Twitter: @bigstonebtc). FISCO aims to provide diverse information to investors by connecting with individuals who actively provide information.